It is very interesting that many business owners say that their team should be satisfied to just “have a job”, or that their motivation should come from within.
While it is true that your team should be self-starters, you will see their productivity and commitment to grow your business multiply once they feel your appreciation.
Have FUN with your team! Offices can do bowling, paint-on-canvas parties, surprise shopping sprees, zip-lining, or spa days. These encourage team-buildng, and allow the team and the business owner to bond and grow.
Many business owners say that they use verbal encouragement. This is, in fact, more important than any monetary compensation that you could provide. Once your TEAM knows that you appreciate their efforts to help your business grow, they will be motivated to give even more. I often comment in front of my customers how I am so fortunate and thrilled to have an Amazing team. My team members say that they have never felt so appreciated!
I personally believe in offering a reasonable base salary, with the remaining compensation based on performance. That way, the TEAM is vested in the company. They are willing, if needed, to work through lunch or stay late. They do whatever it takes to please to customers.
Only once the business is profitable, then the team can be rewarded a bonus. Many business owners give financial rewards without knowing their numbers, or if they are in a position to do so. We were fortunate to give a 1 month's salary mid year bonus.
My team has done vision boards, so they know ahead of time what their bonus will be allocated to. If there is no profit, there is no bonus. We are all working to achieve our goals, and it just works!